All of the latest tax news, views and clues for June 2023.
This Alert addresses:
- Federal Budget update – Catch up on the personal and small business tax developments announced in the May 2023 Federal Budget.
- ATO target areas for tax time 2023 – The ATO will target loan interest expenses, working from home deductions, and possible capital gains tax where a main residence is also used for income-producing purposes.
- ATO ride-sourcing data-matching program extended – Records on approximately 200,000 individuals who provide ride-sharing services will be data-matched in the 2022–2023 income year.
- Single Touch Payroll Phase 2: avoid common mistakes – Areas to watch include pay codes, continuity of year-to-date reporting, employee details and employment basis reporting.
- Victoria to phase out stamp duty on commercial and industrial property – The Victorian Budget included an announcement that an annual property tax will replace the state’s stamp duty.
- Employers to pay super at same time as wages – Requiring employers to pay employees’ superannuation guarantee entitlements on payday from 1 July 2026 will be a significant change from the current requirements.